The denizens of the immediately popular subreddit r/WallStreetBets have seen their central hub of communications and stock market shenanigans apparently taken down by moderators of the subreddit. The finale comes several days after the subreddit community executed what’s known as a “short squeeze,” turning a profit despite predictions saying otherwise.
The situation first kicked off with popular Chewy CEO Ryan Cohen joining GameStop’s board. This caused GameStop’s stock to rise nearly 300%, and from there, things took a turn. Following a video from Citron Research that downplayed the future success of the stock, the members of r/WallStreetBets seized the opportunity, resulting in 175 million shares being bought and sold on Friday.
On Wednesday, the moderators of r/WallStreetBets set the subreddit to private for roughly an hour, with visitors being shown a few different messages. The final and most prominent message explained the dramatic action as a result of technical difficulties due to the result of the unprecedented interest in the subreddit. Shortly after, the moderators opened the subreddit along with a fuller explanation behind why they temporarily shut down.
“We have grown to the kind of size we only dreamed of in the time it takes to get a bad night’s sleep,” reads the statement from the moderators. The post states that the massive number of comments of submissions was so many that they couldn’t “possibly even read them all, let alone act on them as moderators.” They addressed their recent Discord ban, issues with their moderation software, and a lack of cooperation from Reddit admins.
The mods also brought up issues with people co-opting their name on Twitter, using fake handles to spread false narratives, divert traffic and make things harder on the subreddit overall. The post ends with a direct link to the proper Twitter handle, as well as a promise to not speak for the community but to utilize the attention to get things done. Although their activities have caught the attention of powerful entities like such as the Biden Administration, it’s clear that the mods don’t want any extraneous negative connotations drawn toward them.
There’s no telling where r/WallStreetBets goes from here, although it’s safe to assume that up is the direction the community is headed for. The value of GameStop’s stock has been climbing as recently as today, and the stock trading Redditors that facilitated its growth have no clear intentions of stopping. It may not be long before the next near-defunct company sees an overnight surge in growth.